FRV Australia Finalises Gnarwarre Battery Financing, Supercharges Victoria's Solar Ambitions

• FRV reaches financial close on 250 MW/500 MWh Gnarwarre battery near Geelong, providing grid stability and firming output from Victoria’s expanding solar portfolio.

Fotowatio Renewable Ventures (FRV) has reached financial close on its landmark Gnarwarre battery project outside Geelong, unlocking construction of a 250-megawatt/500-megawatt-hour energy-storage system that will underpin Victoria’s rapidly growing solar fleet. Spanning seven hectares, the installation will house 192 lithium-ion containers coupled with grid-forming inverters able to deliver inertia and frequency regulation—services historically supplied by gas and coal plants.

Capital expenditure will be met through FRV’s AUD 1.2 billion portfolio facility, complemented by a AUD 15 million grant from the Australian Renewable Energy Agency. The project is FRV’s largest storage asset to date and will firm generation from the developer’s expanding one-gigawatt portfolio of large-scale photovoltaic farms across Australia. When operational in late 2026, the battery is expected to dispatch up to two hours of electricity during evening peaks, smoothing solar variability and easing network congestion around Melbourne’s western corridor.

Gnarwarre’s grid-forming technology marks a step change for battery projects in Australia: by mimicking the physical attributes of spinning turbines, it can stabilise voltage and frequency without relying on synchronous generation. That capability is central to Victoria’s ambition to source 95 percent of its electricity from renewable energy by 2035 and achieve net-zero emissions by 2045.

FRV Chief Executive Carlo Frigerio described the investment decision as a “pivotal milestone that reflects our long-term confidence in Australia’s clean-energy transition.” Construction will create around 70 local jobs, while long-term operations will support a skilled maintenance team based in the Geelong region.

The project also strengthens the case for a statewide big-battery network designed to soak up excess midday solar and release power after sunset. According to Victoria’s Department of Energy, grid-scale storage must quadruple by 2030 to maintain reliability as coal plants retire. Gnarwarre’s progress signals that private capital, backed by targeted federal incentives, is ready to meet that challenge.